7/24/2024

Jul 24, 2024


Corn and soybeans finished in opposite directions on Wednesday.  Corn had worked its way to as much as 7 higher and soybeans topped out at 5 higher around the midday point.  We began sliding away from those highs and it was obvious some hedge pressure was beginning to weigh on the market some.  Corn held on to close 1 higher but soybeans melted away further without much of a fight, finishing 11 lower on the day.  The past two sessions we have closed a fair amount off the highs but have managed some small gains in corn.  This price action can indicate there are several taking advantage of this week's bounce to do some marketing.  We haven't held onto the highs this week but corn has rallied as much as 21 cents and soybeans as much as 45 cents.  The only thing fresh for the market today was just the weekly ethanol grind numbers.  Production dipped 11,000 barrels/day from the previous week, down to 1.095 mln bpd.  Stocks increased 500k barrels to 23.7 mln bbls.

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Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
Aug 30, 2024
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Aug 23, 2024
Corn trade was flat at 2 lower throughout a majority of the day to take us back to where we started the week.  Soybeans were 9-11 higher in what looks to be a dead-cat bounce in the middle of nowhere on the charts....